Desjardins enforces on Metamore properties, receiver appointed over Napanee and Deseronto assets

146 Dundas Street, Deseronto, Ontario and 353 Dundas Street West, Napanee, Ontario, two properties owned by Metamore Inc., were placed into receivership on March 17, 2026, on application by Caisse Desjardins Ontario Credit Union Inc., owed approximately $5.5 million.

Metamore is an Ontario corporation with real estate holdings in Napanee and Deseronto, supported by mortgage financing and personal guarantees from several principals and related parties.

The lender advanced two primary loans: a $2.6 million facility relating to the Deseronto property, bearing interest at 5.930% and disbursed June 30, 2023; and a $3.01 million facility relating to the Napanee property, bearing interest at 6.430% and disbursed December 31, 2023. Each facility is secured by registered mortgages and assignments of rents over the respective properties, along with PPSA registrations and personal guarantees. As of December 4, 2025, total indebtedness stood at approximately $5.55 million, excluding interest, fees, and costs.

The enforcement followed a series of continuing defaults under both loan facilities. These included payment arrears of approximately $99,844 on the Deseronto mortgage and $121,153 on the Napanee mortgage, as well as unpaid property taxes and utilities.

Metamore also failed to provide required financial disclosure and breached covenant restrictions by registering unauthorized second mortgages in the amount of $1.6 million against both properties without lender consent.

Desjardins issued a demand letter and BIA section 244 notice on December 5, 2025, requiring repayment by December 16, 2025. The statutory notice period expired without repayment or a viable restructuring solution. Subsequent negotiations failed to result in a refinancing or formal restructuring.

msi Spergel Inc. is the receiver. Counsel is Gowling WLG for Desjardins and Robins Appleby for the receiver.